| Amendments proposed to the Finance Bill - continued | House of Commons |
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Mr Oliver Letwin 67 Schedule 15, page 348, line 30, leave out 'the year of assessment 2005-06' and insert 'the relevant year'.
Mr Oliver Letwin 69 Schedule 15, page 348, line 46, leave out '2007' and insert 'following the end of the relevant year'.
Mr Oliver Letwin 70 Schedule 15, page 349, line 2, leave out '2007' and insert 'following the end of the relevant year'.
Mr Oliver Letwin 71 Schedule 15, page 349, line 5, leave out '2007' and insert 'following the end of the relevant year'.
Mr Oliver Letwin 27 Schedule 19, page 369, line 23, leave out from beginning to end of line 7 on page 370.
Mr Oliver Letwin 28 Schedule 19, page 374, line 23, at end insert—'17 (1) Schedule 33 to the Finance Act 2002 (Venture Capital Trusts) is amended as follows. (2) After paragraph 7 insert— "7A Without prejudice to the generality of the foregoing of this Part of this Schedule, a VCT-in-liquidation or a VCT-in-liquidation that has been wound up shall be deemed to remain a VCT (that is to say, a company whose shares are deemed to be shares whose approval as a venture capital trust is not withdrawn) for the purposes of Schedule 5C of the Taxation of Chargeable Gains Act 1992".'.
Mr Oliver Letwin 29 Schedule 19, page 374, line 23, at end insert—'17 (1) Section 151A of the Taxation of Chargeable Gains Act 1992 (Venture Capital Trusts: Reliefs) is amended as follows. (2) At the end of sub-section (1) of that section, insert— "save that a loss arising on the disposal of such ordinary shares shall be an allowable loss in the case where and to the extent that a claim was previously made under paragraph (2) of Schedule 5C to this Act and the expenditure on such ordinary shares was treated for the purposes of that schedule as qualifying expenditure.".'.
Mr Oliver Letwin 32 Schedule 19, page 374, line 23, at end add—
Mr Oliver Letwin 33 Schedule 19, page 374, line 23, at end add—
Mr Oliver Letwin 30 Schedule 22, page 388, line 28, leave out from beginning to end of line 20 on page 389 and insert—'( ) Where a claim for relief under section 260 has been made in relation to a disposal of a property, the trustees' relief under section 223 above on a disposal of that property shall be limited to that proportion of the chargeable gain which reflects the period during which the property has been occupied as an only or main residence under the terms of the trust as a fraction of the combined period of ownership of the trustees and the person who claimed the relief under section 260. ( ) In calculating the proportion mentioned in subsection (1) above, the Trustees shall only be entitled to relief for periods in which the property was in actual occupation by one or more beneficiaries and not for any period of deemed occupation.'.
Mr Oliver Letwin 1 Schedule 22, page 390, line 35, leave out sub-paragraph (8) and insert—'( ) In subsection (5) of section 223 of the Taxation of Chargeable Gains Act 1992 after "and (2)(a) above" insert "and section 226A below".'.
Mr Paul Boateng 95 Clause 130, page 120, line 30, leave out '541(d)' and insert '541(1)(d)'.
Mr Oliver Letwin 104 Clause 132, page 123, line 3, after 'small', insert 'or medium-sized'.
Mr Oliver Letwin 99 Clause 132, page 123, line 5, after 'small', insert 'or medium-sized.'.
Mr Oliver Letwin 100 Clause 132, page 123, line 7, after 'small', insert 'or medium-sized.'.
Mr Oliver Letwin 101 Clause 132, page 123, line 12, after 'small,' insert 'or medium-sized.'.
Mr Quentin Davies 113 Schedule 31, page 449, line 23, at end insert—'(2A) In that subsection, immediately before the entry relating to section 616, insert—
Mr Paul Boateng 157 *Clause 277, page 231, line 14, leave out '2012' and insert '2011'.
Mr Oliver Letwin 3 Clause 291, page 241, line 41, leave out 'is to any extent responsible' and insert 'has the primary responsibility'.
Mr Oliver Letwin 4 Clause 292, page 242, line 19, at end insert 'and shall, to the extent, that he is aware of the existence of any other person who is a promoter in relation to the same notifiable arrangments, deliver a copy of the prescribed information to such other person in the prescribed manner.'.
Mr Oliver Letwin 5 Page 242, line 39, leave out Clause 294.
Mr Oliver Letwin 6 Clause 297, page 243, line 33, leave out from 'promoter' to end of line 35.
NEW CLAUSESRestriction of exceptions from charges
Mr Paul Boateng NC2 To move the following Clause:—'(1) Each of the provisions of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (c.1) (employment income: securities) specified in subsection (2) (exception from charges for certain company shares) is amended in accordance with subsections (3) to (5). (2) The provisions are—
(3) In subsection (1) of each of those sections, after paragraph (b) (but before the word "and" where that word features at the end) insert—
(4) After subsection (1) of each of those sections insert— "(1A) This subsection is satisfied if the avoidance of tax or national insurance contributions was not the main purpose, or one of the main purposes, of the arrangements under which the right or opportunity to acquire the employment-related securities was made available." (5) In subsection (4) of sections 429, 443 and 446R, and in subsection (3) of section 449, for the words after "are not" substitute "employment-related securities."; and accordingly omit section 429(5), 443(5), 446R(5) and 449(4). (6) In Chapter 3A of that Part of that Act (securities with artificially depressed market value), after section 446I insert— "446IA Disapplication of exceptions from charges (1) Section 429 (exception from charge under section 426 for certain company shares) does not prevent section 426 (restricted securities: chargeable events) applying in relation to an event if section 446E or 446I(1)(a) would have effect in relation to the event. (2) Section 443 (exception from charge under section 438 for certain company shares) does not prevent section 438 (convertible securities: chargeable events) applying in relation to an event if section 446G, 446H or 446I(1)(b) would have effect in relation to the event. (3) Section 446R (exception from charge under Chapter 3C for certain company shares) does not prevent that Chapter (securities acquired for less than market value) applying in relation to employment-related securities if section 446B would have effect in relation to them. (4) Section 449 (exception from charge under Chapter 4 for certain company shares) does not prevent that Chapter (benefits from securities) applying in relation to a benefit if section 446I(1)(e) would have effect in relation to the benefit." (7) In Chapter 3B of that Part of that Act (securities with artificially enhanced market value), after section 446N insert— "446NA Disapplication of exceptions from charges (1) None of the provisions specified in subsection (2) (exceptions from charges for certain company shares) apply in relation to employment-related securities if the market value of the employment-related securities at the time of the acquisition has been increased by at least 10% by non-commercial increases within the period of 7 years ending with the acquisition. (2) The provisions are—
(3) If section 446L (market value on valuation date increased by more than 10% by non-commercial increases during relevant period) applies in relation to employment-related securities, section 429 does not subsequently apply in relation to the employment-related securities." (8) This section applies on and after 7th May 2004.'.
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